San Diego, CA -- (SBWIRE) -- 06/04/2012 -- A deadline is coming up on June 26, 2012 in the lawsuit filed for investors of NASDAQ:XING over alleged securities laws violations by Qiao Xing Universal Resources, Inc.
Investors with a substantial investment in NASDAQ:XING shares between July 15, 2011 and April 16, 2012, should get active before the Deadline that is coming up on June 26, 2012, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court of the Virgin Islands the plaintiff alleges on behalf of purchasers of Qiao Xing Universal Resources, Inc. (NASDAQ:XING) between July 15, 2011 and April 16, 2012, that Qiao Xing Universal Resources, Inc. and certain of its present and former officers and directors violated that Securities Exchange Act of 1934 by issuing allegedly false and misleading information to investors. Specifically, the plaintiff claims that defendants failed to disclose that in June 2011 the Company’s then CEO and Chairman Rui Lin Wu transferred Company funds to a bank account under his control.
NASDAQ has suspended trading in XING’s stock as of April 16, 2012 and on April 20, 2012, Qiao Xing Universal Resources, Inc announced the commencement of an internal investigation by the Company's audit committee concerning a transfer of funds from a Company subsidiary's bank account to an account controlled by the Company's former Chairman, Wu Rui Lin, in June 2011. The Company also announced it would also be reviewing certain transactions involving the pledge or transfer of Company assets and to confirm cash balances of the Company's bank accounts.
Those who purchased a substantial amount of shares of Qiao Xing Universal Resources, Inc. (NASDAQ:XING) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego